ECONODAY: ISM growth had been running hot compared to other manufacturing reports but has slowed down noticeably the last two readings. January's composite score of 53.5 compares with a revised 55.1 in December and 57.6 in November. October was the fourth quarter's peak at 57.9.
New orders slowed substantially in January, to 52.9 from 57.8. In contrast, order growth during November and October was in the low 60s. Weakness in foreign demand is a key factor here as new export orders fell 2.5 points to a sub-50 reading of 49.5. This is the lowest for export orders since November 2012. Total backlog orders also moved into contraction, to 46.0 for a 6.5 point loss...
